As we discussed, Banknifty it has given a breakout today.
By looking at the chart has given a breakout for the falling wedge pattern, which indicates the Market is going to get bullish in upcoming sessions.
By looking at the Oi data, PCR = 0.86, which is bullish. Also, the budget is about to be announced on the 1st FEB., which needs to be good as the election is near. The whole Market is showing a positive sentiment.
I am expecting Market to go bullish as of now
Reasons:
Verdict:
Bullish
Plan of action:
SELL 45400 PE (hedge is with Buy 30rs PE)
By looking at the chart has given a breakout for the falling wedge pattern, which indicates the Market is going to get bullish in upcoming sessions.
By looking at the Oi data, PCR = 0.86, which is bullish. Also, the budget is about to be announced on the 1st FEB., which needs to be good as the election is near. The whole Market is showing a positive sentiment.
I am expecting Market to go bullish as of now
Reasons:
- Price > EMAs, which indicates a bullish signal. (Bullish)
- RSI > 60, which shows bulls are in the control of the Market now. (Bullish)
- PCR = 0.86 shows bulls are more prominent in the Market. 45500 seems to be the MAX Pain. Once this level is clear, the Market is expected to go higher. (Bullish)
- The Market has given a breakout for the Falling wedge pattern, which is a clear sign of bullishness. (Bullish)
- 46300 seems to be a crucial level of resistance as it's also conceding with 200 EMA, which is probable to give some résistance. (Target Resistance)
Verdict:
Bullish
Plan of action:
SELL 45400 PE (hedge is with Buy 30rs PE)
